Nifty 50 October Futures (8,695)
The Nifty 50 futures contract opened with a gap-up at 8,695 and broke above the resistance at 8,710. However it failed to sustain higher and has come-off from the intraday high of 8,725.
Support is near current levels at 8,680. A reversal from this support may boost the bullish momentum and take the contract higher, breaking above 8,710 once again. The next targets are 8,735 and 8,755.
Traders with a short-term perspective can go long on a reversal from 8,680. Stop-loss can be placed at 8,655 for the target of 8,730.
On the other hand, if the index futures breaks below 8,680 it can fall to 8,650. Further fall below 8,650 may increase the downside pressure and drag it to 8,620 thereafter.
Strategy : Go long on a reversal from 8,680; stop-loss can be at at 8,655
Supports: 8,680, 8,650
Resistances : 8,710, 8,735